Omaha daily bee., 1887-08-06
THE SPECULATIVE MARKETS.
Unusual Dullness In Wheat and the Pit at
Times Deserted.
A DROP IN PRICES RECORDED.
Corn Fluctuates Sharply and Lower
Prices Caused by Reports OF
Rain High Rollers Takea
Neutrality-suspicious..
CHICAGO PRODUCE MARKET.

CHICAGO, August 5.-tSpecial Telegram
10 the BEE. Wheat declined about lc to-day
and corn lssc. The closing quotations for
both were at the bottom. The speculative
trade in wheat was very quiet and the rare
spectacle Of a completely deserted pit was
witnessed several times. The tone Of the
market was unqualifedly weak. Cables were
disheartening. Liverpool was groaning in
anticipation Of the agony to be endured in
taking and absorbing the holdings of the
California clique. New York reports stag
nation in the export business and the sud-
den stoppage Of foreign orders, though the
clearances do not yet show IL. The quantity
that Is set afloat on the Atlantic keeps up
steadily, amounting for four days to about a
million and quarter bushels There is also
continued free outward movement
OF wheat from this point, Chicago
DeInR relatively so much lower
than the seaboard markets that many
who are not regularly in the shipping trade
are moving property out for the money in
sight on straddles. September opened at
C91sc, ranged 69l4 96ss6c and closed at Gs1sc.
October opened at 704c, ranged 70T@r7lc
high and 1Oc low, closing at the inside. De-
cember opened at H}sc, ranged 74]s@13Xc,
resting at the bottom. Most of the light bus
iness transacted was in September and De
cember. Only one or two trades in October,
on basis Of roc were made, and that month
really closed shade higher than the official
figures make it appear. Cash wheat closed
kt csc.
Corn ruled active and irregular. although the
volume OF business transacted was less thar
yesterday or the preceding days of the week.
Portions of the the drought-stricken corn
country east Of Missouri are being visited by
na1e no, showers Seen Genera, As yet ns as5s
where they are most needed, and In Kansas,
Nebraska and western Iowa and Missouri.
where there has been the greatest precplta-
on OF moisture the baometer Is rsns
OF opinion as to whether the light rams that
have Iallen and are falling will do any good.
This Is where speculation comes In. 1t was
IS essentially weather market to-day as it
nuctuated sharply There was lively trade
In September. October and May. September
started of at $3.50, tiuctuated between 40Ac
opened at 4O1ac, ranged 4lA@4i9sc, closing
at 40ssc. May started in at l3slc tiuctuated
between 44.4(d44ssc high, and 43ssc low, and
closed at 4SYc. Large transactions on the
to-day. There, was heavy trading by
and local operators, and business was far
from being one way. Schwartz, Dupee &
Go. were big buyers; HUTCHINSON bought
freely early and sold later. William Dunn
was conspicuous and a steady seller. and
others did nearly as much. Shippers re-
ported an active demand for spoilt stuff for
shipment, and lake charters footing up 23S,
700 bushels show that considerable business
In that line is passing. Tho foreign mar
kets are quoted as spritless, but the eastern
American markets are In shape to take a
good deal of property. The prepOnderance
OF evidence points to desperate damage to
the corn crop already, but the speculative
crowd was easily influenced to break prices
by the hberality OF their offering, predicated
on proving prospects. The estimated re-
CENTS Tomorrow are $50 cars.
The market for oats was unsettled to-day,
ruling weak and strong bv turns and svmpa-
was q weak and 40hc lower opening for
futures, and later the market rallied frac-
tionally, but the final closings were ss99kc
under yesterdays latest bids. The weakest
feature OF the market was the large offerings
OF August, prices at any time being fully 1c
under September, and changes were made at
that difference.
In the provision trade the features de-
yeloped were declining in lard, an easier
livery, and the opening of specu,
October pork, Pork for the months
named sold to the extent OF 5000 barrels at
$3.50, September being regarded with the
greatest favor. For the next winters fu-
lures spoken OF or traded in, pork declined
15@2Oc and lard and short ribs l0c. January
pork sold at ST.. 49, November lard at S6.55,
the year lard at 80. Az, January lard at SO. 7C
l09l21ac lower for near deliveries, September
closing at S6.5796.6O, after selling at S6.57}s
G66713. August lard was 711GGl0c under anG
October the same higher than September.